FHLBank Topeka Announces First Quarter 2015 Operating Results
April 29, 2015
FHLBank Topeka (FHLBank) announces its first quarter 2015 operating results. FHLBank is reporting net income computed in accordance with U.S. generally accepted accounting principles (GAAP) of $31.1 million and $22.3.0 million for the three months ended March 31, 2015 and 2014, respectively. The increase in net income was due primarily to fair value fluctuations related to derivatives and hedging activities. Other operating highlights from the quarter are presented below. FHLBank expects to file its Form 10-Q for the quarter ended March 31, 2015 with the Securities and Exchange Commission (SEC) on or about May 7, 2015.
President’s Comments
“FHLBank Topeka is pleased to announce robust net income for the first quarter” said Andrew J. Jetter, president and CEO. “Our strong and steady net income has continued to allow us to pay a 6 percent dividend on Class B stock that, when combined with our already competitive rates on advances, drives the effective cost of a short-term advance to near zero. We believe the 16 percent growth in advances for the first quarter is due in no small part to the extremely low all-in cost of short-term advances once the dividend is factored in.”
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